Pakistani stocks today set a new record with benchmark KSE-100 scaling the 32,000-point level for the first time in its history as investors cheered the recent interest rate cut by the country's banking regulator.
The benchmark KSE 100-index rose by 0.96 per cent or 303.61 points during the day to close at record high of 32,006.40 points. The market hit a high of 32,021.99 points during trading, but pared some gains to settle at 32,006 points level. A total of 312,061,880 shares were traded.
Financial analysts said the surge in the KSE was mainly on account of the recent policy rate cut by the State Bank of Pakistan by nearly 50 basis points.
"Investors are expecting interest rates to fall further," an analyst said.
During trading, the cement sector saw huge volumes as investors were expecting a rise in cement prices. The sector's total traded volume was 69,576,200 shares and stocks hit their upper caps.
Analysts say foreign fund managers showed exceptional interest in the market and it is expected that the bullish trend may continue at the bourse in the coming days.
